AIG reported Q1 net income of $1.4 billion on Thursday. Corebridge Financial, the life and retirement business it spun out beginning in 2022, posted its strongest quarterly result since separation.
AIG has now reduced its stake in Corebridge to below 10%, effectively completing a divestiture process that began with an IPO and has continued through a series of secondary block sales, most recently to Nippon Life.
Strategic rationale
The separation lets AIG focus capital and management attention on its core general insurance franchise, which management has argued commands a structurally higher multiple than the combined pre-split entity.